CBA class action moves forward

IMF Bentham today announced it will formally fund an open class action against the Commonwealth Bank relating to alleged breaches of anti-money laundering and counter terrorism financing laws.

The class action will consist of shareholders who purchased shares between 17 August 2015 to 3 August 2017, a statement released to the ASX shows.

The litigation funder said it will take registrations from those interested in taking part in the class action against CBA.

Earlier this week CBA added a former Westpac veteran to its board and announced a raft of changes ahead of its annual general meeting.

Robert Whitfield has been elected as an independent non-executive director, while Andrew Mohl, a board member of nine years, will stand for re-election at this year's AGM to take place on November 16.

Directors Launa Inman and Harrison Young will retire from their respective positions on the board.

New electee Whitfield is also a director at New South Wales Treasury Corporation (TCorp) and until recently, was secretary of NSW Treasury and of NSW Industrial Relations.

Prior to NSW Treasury, Whitfield held senior positions at Westpac spaning some 30 years; this included chief executive of the institutional bank, chief risk officer, group treasurer and chair of the Asia Advisory Board.

CBA chair Catherine Livingstone said Whitfield's broad risk management and public sector experience, as well as his extensive banking experience, will deepen the board's existing skills and expertise.

Inman, a member since March 2011, also served on the audit and remuneration committees. Young has been a director since February 2007 and served on the risk, audit and nominations committee.

Long-serving board member, Mohl, has extensive insurance-related experience and is providing valuable strategic insight to the bank undertakes a review of its life insurance business, CBA said.

The bank also confirmed yesterday it will file its defence to the civil penalty proceedings initiated by AUSTRAC by December 15. AUSTRAC will file its response by 16 March 2018.

CBA said its board of directors will continue to oversee the ongoing program aiming to strengthen the group's anti-money laundering frameworks.